Matt Levine, Columnist

Airline Shares and Whistle-Blowers

Also AI inscrutability, PCAOB scandal and bond market liquidity.

April 12, 2017 at 1:34 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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United.

How do you feel about yesterday, if you're a United Continental Holdings shareholder? Well, the stock was down a lot, but then mostly got better, closing down just 1.13 percent on the day. United shareholders ended up losing about $257 million of equity market capitalization. But if you're actually a United shareholder, there's a pretty good chance you're also an American Airlines Group Inc. shareholder. According to Bloomberg, four of United's top five shareholders are also top-five holders of American. Three of them are also top-five holders of Delta Air Lines Inc. United's top 10 holders own about 49.8 percent of United Stock between them -- and about 51.6 percent of American and 37.6 percent of Delta.